Paul Lachine

Lék na fiskální selhávání?

CAMBRIDGE – Mělo by víc zemí zřídit nezávislé fiskálně poradní orgány, aby do debat o národních rozpočtech vnesly větší objektivitu? Uvězněný podvodník Bernie Madoff nedávno ve stručnosti vyjádřil mínění mnoha lidí o fiskální politice, když prohlásil, že „celá vláda je pyramidová hra“.

U výroku muže, který zemře za mřížemi poté, co se v roce 2008 zhroutil jeho vlastní pyramidový podvod v rekordní výši 50 miliard dolarů, možná bylo přání otcem myšlenky. Osobně jsem přesvědčen, že Madoffovo nezáviděníhodné místo v knihách rekordů zůstane po jistou dobu pevné. Přesto vzhledem k tomu, že mnohé z vlád největších zemí světa narážejí na smrtící kombinaci neudržitelného konvenčního zadlužení, bezprecedentních závazků v systému starobních penzí a zpomaleného růstu, se člověk neubrání otázce, jaký že vlastně máme fiskální plán.

V novém pojednání „A Decade of Debt“ (Dekáda dluhu) Carmen M. Reinhartová a já dokládáme, že obecný vládní dluh ve Spojených státech, zahrnující federální, státní i místní zadlužení, dnes už překonal rekord ve výši 120 % HDP dosažený na konci druhé světové války.

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